Blockchain Papers

Eunyoung Sung, Ohbyung Kwon, Jinyoung Im

Purpose This study’s aim is to examine the effects of actual metaverse users’ parasocial relationships with artificial intelligence– (AI-) controlled non-player characters (NPCs) on digital luxury non-fungible token (NFT) brand preferences leading to behavioral intentions (e.g. online and offline purchase intentions, virtual-to-real behavioral activities, NFT luxury brand endorsements on social medial platforms). The study focuses on Gen Z users who seek escapism by forming parasocial relationships with NPCs, which ultimately leads to digital NFT brand preference and, in turn, affects their behavioral intentions to consume luxury fashion brands. Design/methodology/approach The usable sample size for the partial least squares structural equation modeling analysis was 348 (of 400) actual metaverse platform users (Gen Z) in the USA. Findings Among the metaverse users, the parasocial relationships with AI-controlled NPCs formed through NPCs’ emotional and cognitive intelligence lead to metaverse social connectedness, which in turn results in luxury NFT brand preferences and a virtual-to-real behavioral spillover. Furthermore, Gen Z users’ positive virtual social connectedness influences not only their metaverse purchase intentions but also their real-world purchase intentions through a virtual-to-real behavioral spillover, highlighting the positive function of AI. Originality/value To the best of the authors’ knowledge, this study is one of the first to address engagement through AI-controlled NPCs by separating emotional and cognitive intelligence, thus filling an important research gap. It demonstrates that luxury brands need different marketing strategies for digital NFTs and real items and thus need to understand consumer psychological mechanisms.

Krishiv Arora

This paper investigates how cryptocurrency advertising and social media ecosystems shape Indian teenagers’ perceptions of risk, trust and opportunity in digital assets. Against a backdrop of low youth financial literacy and rising Gen Z participation in crypto investing globally, understanding how young people interpret persuasive financial content is increasingly relevant. The study addresses a gap in existing work, which largely focuses on adult retail investors in developed markets and text-heavy platforms, by examining how Indian adolescents and young adults (13–25) encounter and evaluate highly visual, youth-facing crypto promotions. A qualitative-dominant mixed-methods design is employed. Visual content analysis of nine high-visibility crypto campaigns on platforms such as YouTube and Instagram is combined with a short online survey of 27 Indian respondents aged 13–25. The ad coding captures colour, emotional framing, FOMO and “easy money” language, celebrity presence and the visibility of risk disclaimers, while the survey records perceived trustworthiness, risk, confusion, sources of information and self-reported confidence in understanding crypto. Findings show that the analysed campaigns systematically amplify reward cues, normalise speculative trading as simple and aspirational, and relegate risk warnings to low-salience text, often using bank-like or game-like framing that exploits conceptual gaps around regulation and product safety. Survey responses suggest that many teenagers recognise hype and misleading tropes yet still rely heavily on influencers and peers, report FOMO and express limited confidence in their own financial knowledge. The paper argues for stronger youth-oriented media-literacy interventions, stricter enforcement of advertising standards, and platform-level tools that foreground risk and sponsorship in crypto content aimed at or easily accessed by young audiences.

Vitor Lima, Marco Tulio Zanini, Bernardo Silva-Rêgo

This paper examines how future-oriented collective visions shape the potential legitimacy of non-fungible tokens (NFTs) as brand assets. Drawing on sociotechnical imaginaries and institutional theory, we study Brazilian football, where supporter culture, media discourse, and regulatory uncertainty intensify legitimation. We triangulate ten senior executives’ interviews with 1,117 Brazilian news articles (2020–2025) using Corbin and Strauss’ coding with generative artificial intelligence (GenAI). We identify four visions: Tokenised Collectables, Unregulated Speculation, Emotional Wildcards, and Trust-by-Code Tech Merch, and trace their performative manifestations. These manifestations stabilise or destabilise regulative, normative, and cultural-cognitive pillars, explaining why initiatives are embraced, contested, and reinterpreted as hype cycles shift. We offer staged managerial guidance for fan-facing innovation. We add a future-oriented mechanism to legitimacy research overall.

Thong Minh Phan, Ngoc Bao Mai Pham, Chien Minh Vu

Purpose The purpose of this paper is to apply the integration of signaling theory and self-congruity theory to explain the mechanism by which blockchain-enabled traceability and transparency influence consumers’ willingness to pay a premium for sustainable fashion products. Design/methodology/approach Quantitative data was collected through an online survey with 622 participants in Vietnam using snowball sampling. The participants were those who had awareness or experience with sustainable fashion and blockchain technology. The research model and hypotheses were tested using partial least squares structural equation modeling (PLS-SEM) techniques using SmartPLS 4 software. Findings The study found that blockchain signals strongly activate four types of symbolic meanings (status, environment, innovation and fashion). These symbolic meanings reinforce identification with personal identity and feelings of brand authenticity, which in turn promote willingness to pay a premium. Notably, the results showed that hyperopia did not play a moderating role in the relationships between psychological mechanisms and willingness to pay a premium. Originality/value This study contributes by extending signaling theory and self-congruity theory to a blockchain-enabled sustainable fashion context. Rather than proposing a fundamentally new psychological mechanism, it shows how blockchain-based traceability and transparency can function as credibility-enhancing signals that activate established symbolic, identity-related and authenticity-based processes associated with willingness to pay a premium.

Sadia Idrees, Mohsin Altaf

This chapter examines the transformative convergence of the metaverse and Non Fungible Tokens (NFTs) and its implications for contemporary fashion retail. Using a narrative integrative review of academic literature and industry evidence published between 2021 and 2025, the chapter develops a strategic and interdisciplinary framework that integrates technological enablers, consumer psychology, and brand strategy. It conceptualises the metaverse as an immersive, persistent digital ecosystem that is reshaping how fashion brands design, authenticate, and commercialise value, while NFTs introduce verifiable digital ownership, programmable scarcity, and new revenue models. The analysis highlights clear differences in how luxury and fast fashion brands adopt these technologies, with luxury emphasising exclusivity and provenance, and fast fashion prioritising accessibility and gamified engagement.

Aashish Dhiman, Tilottama Singh

The paper investigates how cross-cultural branding has adapted to the new reality of globalization, digital revolution and dynamic customer needs. The paper reviews the historical and modern views on branding to analyze how organizations strive to create a consistent global brand while responding to the requirements of local culture. The study is based on a qualitative review which reveals such issues as the need for balancing standardization and localization, the concept of glocalization, cultural intelligence, AI-powered personalization, sustainable branding and immersive digital ecosystems (Web3, metaverse). The branding has moved from its original function of identification to more interactive approaches powered by technologies and sensitive to culture. The digital glocalization seems to be an adequate strategy that allows merging globalized identity and consumer-localized experience. Modern resilient brands should combine cultural intelligence, ethical sustainability, emotional integrity, and flexibility in digital environments. Graphical Abstract

Keyi Guo, Ling Jin, Meng Yu

Digital technology has reshaped the concept of ownership in the digital realm. This study explores non-fungible tokens (NFTs) as innovative offerings from heritage sites, focusing on how psychological ownership of these digital assets influences tourists’ real-world behaviors. Four scenario-based experiments across different cultural heritage contexts demonstrate that psychological ownership of tourism NFTs (high-level vs. low-level) influences tourists’ visit intention and stewardship behavioral intentions. The mechanism involves the transfer of psychological ownership from tourism NFTs (the proximal target) to the original cultural heritage (the distal target), which subsequently leads to increased cultural heritage attachment. Furthermore, these effects are attenuated for individuals with a low construal level. These findings advance current knowledge on psychological ownership and NFT implementations in heritage tourism while providing practical guidance for heritage organizations to leverage NFTs.

Zhichen Hu, B X, Rubing Bai

ABSTRACT The Non‐Fungible Token (NFT) market exhibits sustained activity, with secondary trading accounting for the majority of overall volume and creator revenue in recent years. Unlike primary mints of untraded NFTs, secondary purchases involve tokens with established ownership transfer histories recorded transparently and immutably on the blockchain. This study examines how these transaction histories shape consumers' value perceptions and purchase intentions. Based on a social value lens and cue‐utilization theory, we propose that transaction histories serve as diagnostic cues signaling perceived popularity, thereby enhancing social value and driving purchase intentions. Three preregistered experiments with NFT‐experienced participants support this framework. We find that traded (vs. untraded) NFTs elicit higher purchase intentions, an effect that emerges even with a single prior transaction and does not significantly increase with more transactions (Study 1). This relationship is serially mediated by perceived popularity and social value (Study 2). Furthermore, the effect is stronger when transaction histories are recent (vs. outdated) (Study 3). These findings highlight the psychological mechanisms underlying secondary market dominance in NFTs, emphasizing verifiable transaction records as key to fostering perceived community endorsement in liquid digital consumption contexts. The results offer implications for NFT ecosystem strategies, such as prioritizing active trading to sustain social value and long‐term viability.

Rubing Bai, Baolong Ma, Zhichen Hu, Jinglei Sun

Purpose This study aims to investigate how consumers respond to the brand crises caused by transactional Non-Fungible Token (NFT) price drops. Despite the emergence of NFTs as an innovative tool for brand marketing, numerous NFT projects fail to achieve their intended results, with some even experiencing a collapse in the secondary market, which can lead to brand crises. Although NFT price drops are inevitable, the academic understanding of how consumers respond to brand crises driven by NFT price drops remains limited. Design/methodology/approach Three preregistered experimental studies were conducted. Study 1 (n = 139) investigated the main effect of NFT price drops on brand attitude. Study 2 (n = 192) examined the mediating role of consumers' tolerance and brand responsibility. Study 3 (n = 338) further examined the moderating role of value cues. Findings The study reveals that when a brand crisis is caused by NFT (vs physical collectible) price drops, consumers show a more negative attitude. And in this process, consumers' lower tolerance for NFT price drops strengthens their perceptions of the brand's responsibility for the crisis. Moreover, when value cues for NFTs are enhanced, consumers' tolerance for price drops increases, which strengthens confidence in the serial mediation model. Originality/value This research contributes to crisis literature by addressing an overlooked source of brand harm: NFT crashes. It also extends NFT research by developing a theoretical framework that explains consumer psychological mechanisms amid digital asset crises. The findings further provide practical implications for brands operating in NFT markets and managing crisis recovery.

Yongki Baek, Joohee Kim, Daeho Lee, Jungwoo Shin · 6 authors

Since 2021, interest in non-fungible tokens (NFTs) and associated trading volume have increased substantially, as celebrities increasingly adopted profile picture non-fungible tokens (PFP NFTs) for their social media profile images. In this study, the factors influencing consumer decisions on purchasing a PFP NFT were analyzed by Conjoint analysis. The characteristics of profile picture and NFT were researched through previous studies, and key attributes and levels that affect purchasing of a PFP NFT were set through market research. The results of the study showed that consumers made decisions based on the number of promoting celebrities as the most important attribute when they buy a PFP NFT, followed by number of community members, floor price, and commercial use of NFT intellectual property. This research has value in that it suggests a forward-looking perspective regarding development of the NFT market, which is in its early stages.

Yichen Zhao, Shan Li, Xinjian Liang, Jiaolong Xue

No abstract is available for this record.

S. Tariq

Do online narratives leave a measurable imprint on prices in markets for digital or cultural goods? This paper evaluates how community attention and sentiment relate to valuation in major Ethereum NFT collections after accounting for time effects, market-wide conditions, and persistent visual heterogeneity. Transaction data for large generative collections are merged with Reddit-based discourse measures available for 25 collections, covering 87{,}696 secondary-market sales from January 2021 through March 2025. Visual differences are absorbed by a transparent, within-collection standardized index built from explicit image traits and aggregated via PCA. Discourse is summarized at the collection-by-bin level using discussion intensity and lexicon-based tone measures, with smoothing to reduce noise when text volume is sparse. A mixed-effects specification with a Mundlak within--between decomposition separates persistent cross-collection differences from within-collection fluctuations. Valuations align most strongly with sustained collection-level attention and sentiment environments; within collections, short-horizon negativity is consistently associated with higher prices, and attention is most informative when measured as cumulative engagement over multiple prior windows.

Reo Fukuda, Naoki Akamatsu, Satoko Suzuki

Non-fungible tokens (NFTs) present luxury brands with a pricing dilemma: high prices sustain quality inferences but invite visible failure on transparent blockchain markets, whereas low prices stimulate demand but anchor perceptions downward. This research investigates zero pricing (free distribution) as a strategy to navigate this dilemma. Analysis of 65 NFT collections from 32 brands on OpenSea and 22,841 posts on X is followed by six experiments (N = 1,924). Low-priced NFTs inflict the most severe loss of brand luxuriousness, yet free NFTs attenuate this loss to levels indistinguishable from comparable pricing (Study 1). This attenuation does not extend to physical products, implicating congruence between inferred cost structure and zero pricing as a governing condition (Study 2). When secondary-market demand declines, free NFTs weaken failure inferences that otherwise erode perceived luxury; however, this buffer dissipates when the NFT features flagship brand elements (Studies 3a-3c). When demand increases, free and paid NFTs yield equivalent recovery (Study 4). Free distribution thus caps downside risk without forfeiting upside potential. These findings advance the zero-price literature by establishing inferred cost structure as a boundary condition for the anchor-shift mechanism and equip brand managers with a pricing approach calibrated to the transparency of blockchain-based markets.

QIUYING CHEN, Nan Wang, Sang-Joon Lee

As tokenized digital assets, Non-Fungible Tokens (NFTs) are becoming part of luxury brands’ digital business infrastructure. Yet it remains insufficiently understood how NFTs can be configured to foster enduring brand loyalty. To address this issue, we integrate necessary condition analysis (NCA) with fuzzy-set qualitative comparative analysis (fsQCA) using survey data from 620 luxury consumers. The framework combines customer-based brand equity conditions with NFT value cues. NCA indicates that all conditions are necessary for high loyalty, with perceived uniqueness, authenticity, and scarcity particularly critical. fsQCA complements this necessity logic and shows that high loyalty arises from multiple equifinal configurations, not a single dominant driver. Four propositions summarize these routes: Proposition 1 (reputation-driven strategy) demonstrates that brand capital can anchor loyalty through awareness and image even when NFT cues are less central; Proposition 2 (limited-access engagement strategy) indicates that scarcity-based access amplifies the loyalty effects of reinforcing associations, experiences, and image; Proposition 3 (privilege lock-in strategy) suggests that tokenized privileges translate engagement into durable attachment via uniqueness and psychological ownership; Proposition 4 (end-to-end assurance strategy) shows that technology adoption aligns authenticity verification with tokenized uniqueness and ownership to reduce friction, build trust, and sustain loyalty under high awareness. The findings position NFT attributes as boundary conditions and configurational ingredients rather than linear drivers of luxury brand loyalty. NFTs build durable loyalty when they serve clear infrastructure functions, such as verification, controlled access, or portable membership. They are most effective when deployed through a configurational strategy that fits brand capabilities and customer readiness.

Baohong Sun

No abstract is available for this record.

Paul Griffiths, Nuno Fernandes Crespo, Carlos J. Costa

No abstract is available for this record.

Xinyi Yang, Nannan Xi, Juho Hamari

The rise of Internet 3.0, the metaverse, and virtual realities is accelerating the shift from a physical economy to one that is digital, decentralized, and globally accessible. While the benefits and detriments of virtual assets like non-fungible tokens (NFTs) have received attention, individuals’ opinions about them remain polarized. This study investigates how personality traits shape users’ perceived value of NFTs. Using survey data from 805 respondents, we examine how the Big Five traits (openness, conscientiousness, extraversion, agreeableness, and neuroticism) are associated with 14 value dimensions spanning technology, art, and product aspects. The findings indicate that perceptions of NFTs vary among users. Of note, individuals high in agreeableness and conscientiousness perceive NFTs more favorably across the spectrum of value dimensions, whereas those high in neuroticism exhibit opposite tendencies. Extraverted individuals are drawn to the subjective norms and financial gains related to NFTs, while those high in openness value their information transparency.

Yanzhe Yuan, Mai Nguyen, Wei Shao, Yunen Zhang

Purpose This study investigates how endorser type (AI-driven virtual vs. human influencers) interacts with product type (NFT vs. physical goods) to shape brand engagement through parasocial relationships. It introduces the concept of digital congruence, examining when fully digital influencers are more effective than their human counterparts in the context of digitally native products. Design/methodology/approach Across three online experiments (Study 1: N = 403; Study 2: N = 663; Study 3: N = 359), this research tests a moderated mediation framework. Study 1 examines the mediating role of parasocial relationships in the influencer–engagement link. Studies 2 and 3 introduce NFT presence as a moderator to evaluate how digital congruence alters consumer response across cultures (UK and China). Findings Human influencers generally elicit stronger parasocial relationships and brand engagement when promoting physical products. However, virtual influencers outperform human endorsers in NFT contexts, driven by enhanced digital congruence. Parasocial relationships mediate the influence of endorser type on engagement, and this mediation is moderated by the presence of NFTs. Practical implications Marketers should align influencer type with product ontology. For traditional goods, human influencers are preferable; for NFTs and other digital assets, virtual influencers yield superior engagement outcomes. Digital congruence enhances parasocial bonds and should be strategically leveraged in Web3 campaigns. Originality/value This research bridges congruence theory and parasocial relationship theory to propose digital congruence as a novel construct. It is the first to empirically demonstrate that alignment between a fully digital endorser and a fully digital product (NFT) enhances psychological resonance and marketing effectiveness.

Mariachiara Colucci, Alessandra Vecchi

This study investigates how high-end fashion companies use non-fungible tokens (NFTs) to balance tradition and innovation, enhancing competitiveness. Drawing on secondary data and a survey of 178 respondents, a mixed-method approach evaluates 12 companies' 'phygital' strategies - mapped against brand awareness and NFT readiness. Two main goals emerge: 'entertainment', aimed at expanding consumer bases, and 'brand exposure', which deepens brand engagement through exclusive or virtual products. Consumer perceptions are analysed, particularly regarding NFT video games, clothing, and art. The study identifies three NFT-related consumer needs - 'elitism', 'playfulness', and 'brand signalling' - and segments two consumer clusters: 'status seekers' and 'utility explorers'. The research contributes to the innovation and change literature by applying paradox theory to explain how phygital strategies support competitiveness in luxury fashion.

Guanglu Liu

No abstract is available for this record.

Hanna Lee, Yingjiao Xu, Md. Rafiqul Islam Rana

This study investigates young luxury consumers based on their personal value and delves into the luxury value sought after by these consumers when shopping for luxury fashion non-fungible tokens (NFTs). A total of seven personal value (self-direction, stimulation, achievement, ecocentrism, benevolence, face-consciousness, and materialism) and four dimensions of luxury value (economic, functional, experiential, and symbolic) were examined through factor analysis, two-step cluster analysis, analysis of variance, and structural equation modeling based on a convenience sample of 504 young consumers in United States who had considered purchasing NFTs. Four distinct clusters were identified based on personal value variables. Results revealed that economic, experiential, and symbolic values significantly influence purchase intentions. Moreover, each cluster prioritized different luxury values, suggesting diverse motivations. These findings offer strategic insights for luxury brands, emphasizing the need to align NFT offerings with value-driven preferences and craft targeted communication strategies to engage young, digitally-savvy consumers in the virtual marketplace.

Arthur Carvalho, Liudmila Zavolokina, Suman Bhunia, Gerhard Schwabe

Regulatory changes have enabled American student-athletes to profit from their name, image, and likeness (NIL). However, only a fraction of the student-athlete population is actually profiting from their NIL, which raises questions concerning fairness and inclusiveness. Motivated by that scenario, we look at technological solutions capable of sharing a limited amount of financial resources fairly and inclusively. Following a design science methodology, we define design requirements for such technological solutions after interviewing student-athletes, which leads us to establish the inclusive-meritocratic fairness criterion. Subsequently, we determine design principles that artifacts aiming at helping student-athletes should satisfy. We find that a solution that satisfies the proposed design principles is to associate student-athletes with digital collectibles represented as non-fungible tokens (NFTs). The core idea behind our artifact is that student-athletes receive royalties in primary markets after NFTs are randomly minted, plus deterministic royalties in secondary markets whenever a transaction involving their collectibles happens. Interviews with student-athletes validate our design. We conclude the paper by discussing how our ideas give rise to a new NIL design theory.

Ho Yeol Yu, Kyu-soo Chung, Anthony D. Pizzo, Sangwon Na · 5 authors

Digital assets have garnered widespread attention for their potential to generate revenues. Grounded in innovation diffusion theory, this study investigated the adoption behavior of esports consumers as it pertains to the application of digital assets, especially non-fungible tokens (NFT) in-game items (i.e., virtual skins and items). The purpose of this study was to explore the relationships among innovation adoption, esports identification, and purchase intentions. With a sample of 309 esports gamers, confirmatory factor analysis and structural equation modeling were performed to test the measurement and hypothesized paths using R-Studio. The results revealed that the innovation adoption of digital assets had a significant impact on purchase intentions. In addition, esports identification was positively associated with purchase intentions, and the moderating effect of esports identification was identified. This novelty of digital assets such as NFTs and their increasing popularity in digital culture will continue to shift public perceptions of digital assets in esports industries. This study has originality and value in that it sheds light on the impact of the adoption behavior of esports consumers in relation to NFT-based in-game items.

Daniela Popescu, Cătălin Mihail Barbu, Sorina Gîrboveanu, Mariana Jugănaru · 5 authors

In an era of fast-pace technological change, the internet is evolving from Web 1.0 (static, one-way communication) and Web 2.0 (interactive, collaborative platforms) to Web 3.0, characterized by decentralization, artificial intelligence, blockchain, and a focus on authentic values and meaningful connections. Web 3.0 empowers consumers and transforms the internet into a decentralized platform where users control their personal data, intermediaries are replaced by smart contracts and blockchain, but it also introduces challenges such as technological complexity, security risks, regulatory difficulties, and interoperability with Web 2.0. Web 3.0 marketing emphasizes an approach that includes emotional, cultural, and spiritual dimensions, enabling brands to gain a profound and lasting relevance. In this paper we analyse the multifacets of Web 3.0 marketing in the fashion industry, a sector intensely transformed by social, cultural, and technological dynamics. We investigate how marketing principles and Web 3.0 technologies, such as non-fungible tokens (NFTs), the metaverse, and digital identity, are being incorporated into fashion brand strategies, highlighting the benefits and challenges of building authentic relationships with consumers. Fashion brands are embracing emerging technologies to create immersive experiences and loyalty through NFTs, augmented reality, and virtual spaces in the metaverse.